Britain's Rolls-Royce to cut 4,600 jobs

16 June, 2018, 20:13 | Author: Brooke Harris
  • Rolls Royce

Approximately 1,500 of the jobs will be axed by the end of the year.

Chief executive Warren East told the BBC's Today programme that Rolls-Royce needed fewer layers of management: "We have too complex a management and support organisation and we need to simplify that so that we can remain competitive".

"Against the backdrop of costly Trent 1000 in-service issues and rising civil engine deliveries, we can see how it might stir a debate about whether the timing of this fundamental restructuring increases near-term risk", Reuters quoted him as saying. Rolls-Royce has a twelve month low of GBX 733.50 ($9.77) and a twelve month high of GBX 994.50 ($13.24).

About a third of those targeted were expected to leave by the end of 2018 with the program gaining momentum through 2019 and finishing mid-2020.

British auto major Rolls Royce to cut 4,600 jobs.

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Rolls-Royce has traditionally operated a large corporate centre with overlapping activities between individual business units. A traditionally heavily centralised control culture will be replaced by empowered businesses, in a simpler, leaner structure with much clearer accountabilities. Rolls said the latest round of restructuring was expected to cost the group 500 million Pounds. It has amassed orders for over 2,700 aero engines for wide-body aircraft and business jets and is now undertaking its biggest ever increase in large engine production, targeting over 600 wide-body engines a year by the end of this decade. "We will continue to also pursue disciplined investment in our technologies, including in newer areas such as electrification and digitalisation".

But amid the cuts, Rolls Royce insisted it would honour its previous pledge not to impose compulsory redundancies on union-represented staff, including at three sites in the north of England. It would be reported as separate one-off costs, allowing the firm to stick to its targets for free cash flow.

"We are committed to eliminating this intermediate pressure compressor durability issue from the Trent 1000 fleet and we have already successfully run a redesigned Package C IPC in a development engine, " the manufacturer said.

Overall, Rolls has 55,000 employees worldwide, of whom 26,000 are in the United Kingdom, with 15,700 of those in Derby.

This is the largest reduction in the company's headcount since 2001, when it announced plans to reduce 5,000 jobs, plus 1,000 contractors, which at the time was around 12% of the workforce.



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